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4) [6 marks] Toronto Raptors used the financial aids to purchase a $5,000,000 Treasury Bill with a term of 182 days at a 3.25% simple

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4) [6 marks] Toronto Raptors used the financial aids to purchase a $5,000,000 Treasury Bill with a term of 182 days at a 3.25% simple discount rate. However, the Toronto Raptors needs cash to build a temporary stadium in Tampa Bay area exactly 90 days later and sells the T-bills. During the 90 days, market interest rates changed slightly so that the bill was sold at a 3% discount rate. a) Find the initial purchase price of the T-bill? b) How much did Toronto Raptors receive at the subsequent sale of the T-bill? c) What rate of return did new buyer realize

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